New Zealand Acts

MOTOR VEHICLE SALES ACT 2003 - SECT 162

162 Winding up of Fund

1 At any time after all the claims against the Fund have been received and fully dealt with, the Institute may, by notice, specify a date (being not less than 1 month after the date of the publication of the notice) on which the Fund is to be wound up.

2 On and from the date so specified, any remaining assets of the Fund cease to be held by the Institute and may be used by the Institute for any lawful purpose that it determines.

3 The Institute must, as soon as practicable after the date so specified, prepare final accounts for the Fund audited by a chartered accountant (within the meaning of section 19 of the New Zealand Institute of Chartered Accountants Act 1996 ) appointed for the purpose by the Institute.

4 A notice under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

History: Section 162(1): amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).   Section 162(3): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).     Section 162(4): inserted, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).